Korea Commits $6 Billion for Agricultural Transformation in Africa

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The Deputy Secretary to the Treasury, Patrick Ocailap, has led a delegation for a three-day ministerial conference on behalf of the Minister of Finance, Mattia Kasiija, to the Republic of Korea for the 7th Korea-Africa Economic Cooperation Ministerial Conference (KOAFEC).

According to Ocailap, at the meeting, which started on September 13, 2023, in Busan, he requested that Korea support Uganda’s Energy Transition Plan and agricultural transformation through the Parish Development Model (PDM).

“At the meeting, I requested that Korea support Uganda’s Energy Transition Plan and agricultural transformation,” Ocailap said.

He noted that the Korean government pledged USD 6 billion to Africa towards agricultural transformation, biomedicine, and climate finance.

“On the sidelines, I met the Vice President of the African Development Bank in charge of finance regarding concessional financing to Uganda,” Ocailap said.

Ocailap is expected to hold bilateral meetings with the President of the African Development Bank, the First Vice Minister for International Affairs, and the Ministry of Economy and Finance in a bid to rally more support for Uganda’s Energy Transition Plan and agricultural transformation through PDM.

The conference, which is running under the theme “Embracing a Sustainable Future: Just Energy Transition and Agricultural Transformation in Africa,” is a strong call for additional resources to help African countries achieve universal access to energy and transform the continent into the breadbasket of the world.

The KOAFEC Ministerial Conference is a key event aimed at cementing Korea’s support to the development of the African continent.

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